SequelSEC

MediaAlpha, Inc. MAX

Services-Business Services, NEC · CIK 0001818383 · Fiscal year ends 1231

AnnualQuarterlyTTM
Revenue
$1.11B
Fiscal year ended 2025-12-31
Operating income
$22.12M
Fiscal year ended 2025-12-31
Free cash flow
$65.26M
Fiscal year ended 2025-12-31

MediaAlpha, Inc. (MAX) reported revenue of $1.11B and net income of $25.62M for the fiscal year ended 2025-12-31. This page shows 8 annual periods of income statement, balance sheet and cash flow figures normalized from MediaAlpha, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Services-Business Services, NEC.

Income

MediaAlpha, Inc. income by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-31
Revenue$1.11B$864.70M$388.15M$459.07M$645.27M$584.81M$408.00M$296.91M
Cost of revenue$946.06M$721.13M$321.44M$389.01M$543.75M$499.43M$342.91M$247.67M
Gross profit$167.54M$143.57M$66.71M$70.06M$101.52M$85.38M$65.10M$49.24M
Operating income$22.12M$42.72M-$39.92M-$35.39M$2.15M$19.54M$24.84M$19.32M
Net income$25.62M$16.63M-$40.42M-$57.67M-$5.28M-$4.37MUnavailableUnavailable
Research & development$21.40M$19.76M$18.46M$21.08M$15.20M$12.45M$7.04M$10.34M
Weighted-average diluted sharesshares 66.79Mshares 53.04Mshares 45.57Mshares 41.94Mshares 61.26Mshares 32.13MUnavailableUnavailable
Pretax income-$111.06M$23.50M-$57.02M$30.46M-$9.52M$9.30M$17.82M$18.12M
Income tax expense-$137.82M$1.38M-$463.00K$102.90M-$1.05M-$1.27M$0Unavailable
Diluted EPS$0.39$0.31$-0.89$-1.37$-0.19$-0.14UnavailableUnavailable
Selling, general & administrative$110.61M$81.08M$88.18M$84.37M$84.18M$53.40M$33.21M$19.58M
General & administrative$89.56M$56.36M$62.75M$55.56M$61.36M$32.91M$19.39M$7.84M
Selling & marketing$21.06M$24.72M$25.43M$28.82M$22.82M$20.48M$13.82M$11.74M

Balance

MediaAlpha, Inc. balance by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-31
Cash & equivalents$46.88M$43.27M$17.27M$14.54M$50.56M$23.55M$10.03MUnavailable
Total assets$383.83M$262.45M$153.92M$170.08M$289.80M$210.34M$105.40MUnavailable
Current assets$174.37M$189.91M$74.57M$80.42M$137.11M$127.80M$67.49MUnavailable
Total liabilities$413.02M$308.68M$248.35M$256.16M$351.37M$315.46M$144.90MUnavailable
Current liabilities$147.65M$132.95M$79.72M$76.89M$84.22M$107.46M$47.91MUnavailable
Total equity incl. NCI-$29.19M-$46.23M-$94.42M-$86.08M-$61.57M-$105.12M-$113.60M$40.48M
Temporary (mezzanine) equityUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
InventoryUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Accounts receivable$123.02M$142.93M$53.77M$60.00M$76.09M$96.30M$56.01MUnavailable
Goodwill$47.74M$47.74M$47.74M$47.74M$18.40M$18.40M$18.40MUnavailable
Long-term debt$131.60M$153.60M$162.44M$174.30M$178.07M$182.67M$96.66MUnavailable
Accounts payable$91.09M$105.56M$56.28M$53.99M$61.77M$98.25M$40.46MUnavailable

Cash flow

MediaAlpha, Inc. cash flow by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-31
Operating cash flow$65.60M$45.87M$20.23M$28.27M$28.62M$51.41M$22.14M$22.65M
Capital expenditures$340.00K$254.00K$73.00K$98.00K$650.00K$296.00K$146.00K$630.00K
Investing cash flow-$340.00K-$654.00K-$73.00K-$49.78M-$650.00K-$10.30M-$294.00K-$640.00K
Financing cash flow-$61.65M-$19.22M-$17.43M-$14.52M-$961.00K-$27.59M-$17.48M-$25.44M
Net change in cash$3.61M$26.00M$2.73M-$36.02M$27.01M$13.53M$4.37M-$3.44M
Stock-based compensation$30.33M$34.08M$53.32M$58.47M$45.71M$24.74M$2.31M$824.00K
Common dividends paidUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Common share repurchasesUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Depreciation & amortizationUnavailableUnavailableUnavailableUnavailableUnavailable$300.00K$300.00K$200.00K

Derived

MediaAlpha, Inc. derived by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-31
Free cash flow$65.26M$45.62M$20.16M$28.18MUnavailable$51.11M$22.00M$22.02M
Gross margin15.0%16.6%17.2%15.3%15.7%14.6%16.0%16.6%
Operating margin2.0%4.9%-10.3%-7.7%0.3%3.3%6.1%6.5%
FCF margin5.9%5.3%5.2%6.1%Unavailable8.7%5.4%7.4%
SBC / revenue2.7%3.9%13.7%12.7%7.1%4.2%0.6%0.3%
Current ratio1.18x1.43x0.94x1.05x1.63x1.19x1.41xUnavailable
Revenue YoY growth28.8%122.8%-15.4%-28.9%10.3%43.3%37.4%Unavailable
Net margin2.3%1.9%-10.4%-12.6%-0.8%-0.7%UnavailableUnavailable
R&D / revenue1.9%2.3%4.8%4.6%2.4%2.1%1.7%3.5%
CapEx / revenue0.0%0.0%0.0%0.0%Unavailable0.1%0.0%0.2%
Long-term debt / equityUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Effective tax rateUnavailable5.9%Unavailable337.8%Unavailable-13.6%0.0%Unavailable

Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open MAX in the interactive workspace to inspect any figure back to its filing.

Source filings

10-Q · Filed 2026-07-29View SEC filing
10-Q · Filed 2026-04-29View SEC filing
10-K · Filed 2026-02-23View SEC filing
10-Q · Filed 2025-10-29View SEC filing
10-Q · Filed 2025-08-06View SEC filing
10-Q · Filed 2025-04-30View SEC filing

Companies in the same industry

ACN ACVA ADV AKAM ALIT AMTM AMWL ANDG ASFH BAER BCRD BR

Reconciliation checks needing review

1 period on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.

balance equationreview2019-12-31

Difference 74097000 exceeds tolerance 1000000. Presentation or filing-vintage differences need review.